 Yes, my presentation is in the beginning a little bit more generic and not only focus on our company but I will get there also. We are all students in this industry now because it is so new and especially around token sales and ICOs and there are so many different models, I don't think I've seen two identical ICOs yet and if learning from mistakes makes you better I should be pretty close to experts soon because we have done a lot of the mistakes that hopefully people coming up after will not do. We have been looking very closely at a lot of the other token sales. We have learned from a lot of them. We established a very solid advisory board very early but we didn't take their advice. Error number one, first of all we went very quick to market. Our advisor said you need to give yourself multiple months of marketing you need to build up a community around it. We thought that we could push it out through social media and build a community very quickly. We looked at what David and Gorang with Indorse did. They were traveling around doing road shows. When David was in China and Vietnam doing meetings Gorang's was flying all over Europe presenting their business and building a community and they spent time on doing that and resulted in I'm not sure around 1500 people on Yuslak channel today which is quite amazing from doing these road show right so there is a lesson learned for those of you that are planning token sales start early build a community because only a lot of postings on Facebook and LinkedIn and stuff that won't cut it because people need to know who they are dealing with they want to know about the team they want to know about the projects and especially now maybe some months ago when we were sitting and marking off this is a good ICO this one I'm gonna join and you were waiting for three weeks till it starts but today it's changed there is like multiple ICO starting every single day and by the way did you mention your date August 8th it starts same date as ours two totally different concepts we copied the Beijing Olympics so ours start 0 8 0 8 8 minutes past 8 p.m. then it's when when the counter hits 0 but scaring me I can do a little bit on the background story of cost because as David my original idea was actually also social media I started to develop what I called a one-stop solution for social media because I looked at all the channels and to me Twitter is under sharing Facebook is over sharing LinkedIn is for professionals you have all of these different channels and most of you are using all of them or at least many of them so you log in there you log in there log in there log in there so if you want things done fast and well higher lazy person to do it right because he will find the easy way to do it so maybe I'm that lazy person so because I wanted to gather all of this into one platform but with sort of different rooms you can enter where you had your Twitter and you had your LinkedIn you had your Facebook with walls and combining all of this then inside this social community this was not on the blockchain it was not related to cryptocurrency we were looking at Facebook and looking at this was before they are IPO so and they were talking about Facebook credits so we were also then planning an internal credit to be used in the system then somebody asked why don't you accept cryptocurrency and start looking into cryptocurrency and I was a token newbie I had barely heard about it and I figured out the onboarding process for crypto was very complicated especially if you're not a techie for those that have been in the industry we had some chats yesterday who has been longest in the tech and they've here have been chopping holes in data cards back in the 80s and stuff so but for newcomers to enter I wanted to go in and look at it and I mean there was there is a jungle of wallets out there you don't know which one to choose right but even if you get a wallet you still don't have any Bitcoin or any group of currency so then you have to figure out where can I buy them okay there are exchanges there are probably as many exchanges as there are tokens almost now there are hundreds right which one are good which one is bad which one have the volume which don't which have a security which don't right and then the next one if you run a store or a shop and you want to accept cryptocurrency then you wanted to go through a payment gateway and not just send direct wallet to wallet and payment gateways for cryptocurrencies there are a few not very many but at the same time you don't know which one is good which one offered this which one offered that so then we sort of pivoted the entire idea of then changing over to crypto one-stop solution and instead of a social media one-stop solution so cost is short for crypto one-stop solution where at phase one we are today 124 days into our beta launch we went live on April 1st and phase one is developed in-house so we have a platform we have developed a cryptocurrency exchange with currently around 25 trading pairs we're adding new tokens and new coins on almost a daily basis now we have developed a payment gateway and a POS systems for merchants that wants to start accepting cryptocurrency which is a huge demand for out there and there is more and more onboarding we have a proof of developer listing that is basically brand new we have a token market cap overview we have merchant listing and those are the things that we did now in the initial stage so the platform is already up and running we are as I said 124 days into the process we have so far registered around 3000 trading accounts and we have onboarded around 150 plus merchants already that are now integrating our POS system to start accepting cryptocurrencies they are from multiple countries from Japan Korea Malaysia Singapore several countries in Europe and we are seeing an increasing demand so far we have not opened up for self-registration so actually they have to submit the form then our merchant manager will get in touch with them and they will work on a process but we are targeting around 1st of September to have all the plugins the rest APIs and everything ready so so you can just plug in to your existing system your web shop solution or whatever when if you want to start accepting the group of currency and basically you can take off which group of currencies you want to accept all of the currencies traded on the cost exchange will also be on available on the payment gateway so you can accept for example I I assume that we will pretty fast after their ICOs list both Hello Gold tokens and we will list the indoors token so even if you run a coffee shop you should be able to accept indoors token IND for a cup of coffee right and the system is there it is just to plug in so it is added also user cases for the other tokens that comes from other token sales but when we talk about token sales this is the more generic part upon creation the tokens have zero value right I attended a speech earlier I know several of you were there by Dr. Gavin Woods when he presented parity and he was basically on stage with a mic in one hand and his computer coding with the other hand and he launched a token in was it fifty one second that is how complicated it is to create the cryptocurrency today right of course that's that's just to put a token out there and he can then put in the parameters and decide should there be a hundred should it be a million should there be a billion should it be 21 million like like Bitcoin should there be over a hundred billion like ripple or those is up to you but the amount doesn't matter because hundred times zero or one billion times zero is still zero the value upon creation is zero and then it's when it starts that is when the job starts to add value add user cases doesn't have to mean in money return but that can be user cases right with an added value for example the the indoors token where you have a user case you're using it when you are endorsing but at the same time it's also a tradable one so that can increase in value over time when you see the increased user cases of it so there is a whole ecosystem to the different revenue models most token sales use the ERC tokens that is based on the Ethereum platform they are easy to make of course you need to know I could probably not do it because I'm not a tech guy but they are easy to make fast to make upon creation zero value and then the work starts why am I am I too close I guess there are multiple revenue models for tokens and as I said opening wise I still haven't seen two identical ICOs there are different user cases there are different revenue streams some have a revenue share some are using dividends it's a little bit more dangerous word to use these days especially after what SEC and MAS have announced some have specific use cases some have access that you needed to onboard for example a platform and to get access to your products to use a software there are so many multiple models I've looked at a few of them these are all based here in the region fund yourself now is a also a Singapore startup they ended their ICO yesterday they had a fairly modest cap and they and they reached it and their token is actually going trading as the first pair against Ethereum tomorrow at 4 p.m. on cost of time so we're happy also to work with them they have a model where they are building actually a crowd funding slash ICO slash token sale slash token generating event slash whatever you want to name it but a platform to host ICOs in a way and their revenue model is that the ICOs that wants to be presented on their platform needs to have a portion of the sale that is only accepting as their FY end token so there is a user case similar to what EOS is doing now with what they call a tandem ICO they are buying the EOS token now especially in the China market because there will come a larger ICO a bit later where 20% can only be paid in EOS so they are creating a use the case with another use the case but they are they are sharing profits from these projects and reinvesting in in the projects fund yourself now they are in beta targeting to launch their live version early 2018 you have indoors I don't have to go so very much into that model because David have just done a good job I put this this is just my interpretation of it that it is participation based and there is also a pool token and there is a value driver for that you are getting that onboarding advertisers and stuff have to they can buy the token on exchanges etc. from the token holders and then use the IND token to pay for advertising on the platform so there is a use the case and there are pools that again will will generate your revenue as a token holder if my understanding of IND is correct it's always dangerous to talk about people that are in the room we have 10x everybody knows about 10x they made a Singapore community proud by hitting an all-time high and raised around 80 million yes between 70 and 80 all depends on the enterprise so and that goes a bit up and down lately so I've called them a revenue share and a participation cashback model because they have a split model where their business model is based on a cashback from Mastercard they are open about this the numbers out there in the white papers and everything so I'm not revealing any secrets if I recall correctly they are having a 2% cashback from the card providers out of those fees they are giving 0.5% to the token holders paid in Ether and then all the card holders are getting a 0.1% but that is paid in their own token which is called pay PAY so there is a mixed model where they are giving out both Ether that I would call of current value on the other side they are giving out the pay token which is more based on potential future value it is already tradable so you can call it also present value anyway because you can already now trade it on multiple exchanges with fairly nice trading value very quickly they did an amazing marketing job they really built a strong community before they started very skilled people that are out there with they are doing live presentations on on Facebook at least weekly with Julian they have a solid team here in Singapore so absolutely and I know that probably many in this room are already holding some pay tokens because they participated they know I'm not gonna go there you almost went there yourself you did you just didn't mention where but it is all good we have Hello Gold which is a what what do we call it banking in gold for the underserved and you will hear more about them afterwards and they can they can probably go more into details but it's a revenue share in savings in form of gold backed tokens and the the GBT will be will enable crypto investors to cash out of normal tokens into gold as opposed to fiat so there is also a sort of a split revenue model because it comes with two tokens in the system so but I'm not going too much into details on the Hello Gold one because the next speaker is from Hello Gold then we have our model ours I've classified as a revenue share base where we have this this sign this model that we call the cost fair share model on the cryptocurrency exchange if we start over here the transaction fee when you are trading starts at 0.2% it can get it get lower based on your own trading volume whatever peer you are trading if you for example are trading Bitcoin to eat there both taker and maker pays a fee right and one can have 0.2% fee but the other guy can have higher trading volume so he is on 0.18 so that that can vary but whenever a trade goes then there is a fraction of a Bitcoin and there's a fraction of an eater that is being paid in transaction fees those fees goes into the transaction fee buckets 50% of those fees are then going back again to token holders not in the form of the cost token but if the fee is collected in Bitcoin it is paid out in Bitcoin if it is collected in ether it is paid out in ether if it is connected collected in pay or IND or whatever currency that is traded on the cost platform it is paid out in that one so in a way when you're holding a cost token you are sort of hedging it against all the other tradeable ones and the more tradable and the higher trading volume a cryptocurrency have the bigger portion of the transaction fee will be in that one so basically unless you plan to trade the cost token you really don't have to look at the trading price of it because you can just buy it and you can park it just put it aside put it on a paper wallet and lock it in your safe and you don't think about it and on a weekly basis there will be paid out fractions of Bitcoin, Ether, Taos, NEM, ARC whatever currency is that the fees are collected in at the same time so you're basically building your portfolio for the payment gateway all merchants and around the world that starts to plug in start accepting cryptocurrencies now we are talking bigger numbers because I mean people can buy a car with Bitcoin for example people can down the road buy a house they can buy holidays they can buy travels we already have energy company from Europe on board that currently have 70,000 clients and they are offering now to pay their gas and electricity bills in cryptocurrency through our payment gateway the transaction fee there is 0.75% 50% of the fee go back to the token holders the same as with with the currency these are the current two features we have but we are adding more and more features and as long as the features involves a transaction fee or a fee that comes to costs it will be split 50-50 and go in to the distribution model and go back to the token holders so instead of only trading potential future value which will be the cost token in itself because as I said upon creation the value is zero you are actually earning in current value in form of Bitcoin and Ether and all those tradeable ones is a little bit just short of what I said cost is short for crypto one-stop solution we have a huge roadmap we have signed up a lot of partnerships already of services that will be added once the token sale is over we have a backlog of services that will be added on to costs I can mention a few of them is B2B remittance through a Singapore based company we have P2P remittance with a Philippine company we have screening of incoming transactions for white listing similar to what what David talked about from CoinFirm that are screening especially for now they are only doing Bitcoin and Dash but if the if the wallets have ever been involved in or red flags from Silk Road similar activities the incoming transactions will be rejected so and that's to try to avoid that those people uses exchanges to move the funds in swap it around and move it out again so that that is for added security we have the non-strategic partnership also with fund yourself now so we're gonna help and build the entire ecosystem for doing ICOs and crowdfunding through we have a partnership now also with ICO rating and TAS and if you add to the fund yourself now you basically you have and our exchange then you have a company like ICO rating that can validate and sort of audit your white papers and and given an investor score then you can host the ICO through the services of fund yourself now and once the sale is over you can list the token and it can all be done then through the same platform which is cost so all of these services will be added onto the platform and we are right now we are basically signing to 3M or use with companies per week so and we are getting a big backlog of implementations our token swap starts August 8th same as indoors it will start 8 minutes past 8 p.m. in the evening a copy of the Beijing Olympics one eater 600 cos we have a bonus system where the first five days will give a 15% bonus and then it will decline for every five-day period the sale ends on 6th of September I'm gonna be honest we have set a high cap we have no minimum cap but we also modest in our approach and say we don't expect to sell out we have no minimum cap we have an internal happy cap and there is a hard cap the hard cap is very high it is based on a three to five year roadmap where the funds will be locked and held an escrow by two Singapore law firms and one rep from the advisory board they will be released annually throughout 2018 2019 and 2020 in equal portions based on that the multi-sig private key holders which are the two law firms and one from the advisory board approves the management budget that we need to present on an annual basis so even if the cap is high it is not and this is also a lesson learned from other ICOs that are raising 50 million hundred million and they are stating throughout their ICO that they have an escrow but the escrow is only for the ICO once the ICO is over boom there they have 50 million right and those money are supposed to last they're supposed to last long to build your business the work starts basically when you're token sale is over so you need to make sure and also tell the public your your model for this how you plan what is your strategy going forward so to ensure that you don't get in that there is a lot on the different chats where people are are using the word Lambo right you're raising 100 million and then the next day there is five in the executive team that all suddenly have read Lamborghini's parked outside that is not the purpose of token sale right and show the show the world tell the world that that is not your intention and say why this is not even possible because there won't even be available money to buy lambos because it will be portioned along with the growth of the company and you have milestones that you reach some are using milestones based releases also can be a good model but have it vetted to have it controlled by someone outside there is not one single shareholder there is not one single from the management not one single stakeholder in the company that will hold any of the private keys for our escrow that is basically it's the process is fairly easy we are also aware of all of these camps we have done a slightly different model we have built the ICO engine ourselves we are hosting it ourselves so basically you register on cost of IO then you can click on contribute now you are basically generating an account with cause you get a verification email you have to click on that to validate your accounts you create the password so you have your own password protect the dashboard so you log in there and when the counter hits zero there will be an option to click for contribute now and a unique ethereum address will be generated for you only so doesn't matter which chat you see if it's telegram what's up even our own slack channel or whatever there will never be posted any address because every contributor will have its own unique address that is only visible behind your own password protect the dashboard so that is is our way of ensuring that our job then is only to tell people about that process that's so you don't get scammed that there won't be any address out there for anyone to post so whenever if you see anyone posting that this is the address for cause it's fake it's a scam because nobody knows we don't even know because it gets generated when you click the button and that is behind password protected area then you contribute you will instantly see how many cost tokens you are entitled to the now system that will start generating revenue is targeted to go live on 1st of October we wanted to have the gap between the trading start of the token and the release of the Dow as minimum as possible so we decided that we are releasing and starting trading of the cost token on September 20th the sales ends on September 6th so two weeks later the token will be released and then another 10 to 12 days later the Dow will start his first revenue share of course in the beginning it will be fractions it will be small we have big goals and big dreams our long-term vision is to become a top 10 exchange within three years and also a top 5 preferred payment gateway for cryptocurrencies in the current market to hit top 10 on exchanges it requires around hundred million dollars in daily trading volume what that number will be three years from now I don't think you will reach top 25 with 100 million so depends of course if if the world centralizes a bit but the process is easy on board showing dashboard and hope to see many of you participating from Tuesday on words thank you